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Digital currencies, robo-advisors, and contactless payments are now conventional. People plan to make their transactions simpler, quicker, and secure. As a result, financial companies and banks are advised to adopt digitization and be part of ‘the FinTechs.’ This step will immensely help them to win and maintain their customers.

There is technological complexity in the financial application development services. This complication calls for diverse expertise. Many firms address software development companies from Poland, Belarus, Bulgaria, Ukraine and other Eastern Europe countries for collaboration. These companies from European states have extensive knowledge of high-end tools and technologies.

The Choice of Outsourcing in FinTech Startups

Most often, FinTech startups are forced to create their entire concept in-house. This is wise for such a venture. As an upcoming enterprise, you are enthusiastic to manage the entire tech and perhaps weary of outsourcing services. However, tech outsourcing is affordable, quick, and reliable for FinTech startups.

Omertex ltd is a responsible offshore agency for your FinTech startup. Our primary objective is to customize solutions for your business needs with Flexible app development approaches. Currently, Web application development is leading on the market, quicker in licensing on pay-as-you-go terms.

Major FinTech Application development companies advance technological resolutions in Blockchain-based solutions, payment/billing, investment, crowdfunding, P2P lending, money transfer, and much more areas. To simplify processes and improve customer experience, financial firms, and banks leverage cloud-based solutions, Blockchain, chatbots, mobility solutions, distributed labor technology, microservice architecture, data science, AI, and more.
The construction of FinTech solutions confronts some challenges such as scalability, load-balancing, prevention of data loss, high data value and more. Let us Consider Some Top Directions in Fintech Application Development services.

Payment/billing software

For an improved, stress-free customer experience, payment FinTech firms leverage new tech resolutions, mobile payments, improved risk management, and simplified POS processing. The two critical digital payment sectors include:

Mobile payments
With the arrival of mobile wallets, Apple Pay, Google Wallet, Samsung Pay, and Android Pay, most people have adopted mobile app development payments rather than the use of credit cards. Most importantly, the application of biometrics and NFC concept for authentication reduces security concerns.

B2B cross-border payments
By 2016, the B2B cross-border payment market value rose to over $150 trillion. In fact, it keeps growing with time. The main encounters of B2B are security, flexibility, and accuracy. In handling these challenges, firms leverage private Blockchain programs, payment management programs, hiring E-invoicing platforms and more.

P2P Lending Platforms

An important direction of Fintech application development services is digital lending. The main enhancements it targets include safeguarding customer journey and quick approvals, implementation of automation in underwriting processes, intelligent algorithms, the involvement of new audiences of borrowers and much more. P2P platforms make FinTech Application development companies use digital concepts in automating and accelerating the process of loan decisions. As such, these platforms minimize costs in the delivery of unique user-friendly solutions. The application development services of machine learning concept in lending streamlines the process with a reduction in the chances of errors. It also increases the duration for loan approval and reception of the cash by the borrower. As such, there is an increase in customer experiences and a reduction in the costs.

Blockchain-based solutions

Blockchain is a spread out ledger shared among some numbers into which a record of transactions is inserted. Blockchain is mostly for cases such as loyalty programs, peer-to-peer sales, anti-money laundering, insurance, cross-border payment, capital markets and much more. Blockchain is useful in the immutability of records, decentralization, and fault tolerance of the system. For example, Santander is a universal bank based in retail and commercial services. This bank founded Blockchain concept for global payments. Most companies opt to adopt private Blockchain to leverage the paybacks of the idea without preceding security and removing dangers of espionage.

Money Transfer/Remittance

Digital concepts change the methods of banking and money transfer. The most effective remittance firm’s leverage face and voice biometrics, Blockchain, besides other innovative ideas. The most prominent remittance firms include TransferGo, WorldRemit, and Transferwise. For example, Worldremit’s clients are allowed to send their money to over 110 states. Similarly, their recipients can receive their cash through delivery, mobile app development money transactions, bank deposits or some cash pickup locations. This facility is said to be quick, straightforward, and safe.

Crowdfunding

Crowdfunding platforms are rising at a higher rate. Mostly, they are widespread in the UK and US. As per Statista, the total volume of crowdfunding aggregates to 16.2 billion $ globally. The aim of a crowding platform is raising funds for a new or existing business through the effort of the public. Normally, it is conducted through the internet. Its main challenges include payment integration, UI, UX, and load balancing. The world’s leading crowdfunding platforms include Seedrs, Indiegogo, and Kickstarter.

Personal Finance Management

Naturally, PFM FinTech Application development companies offer both Web application development and Mobile app development services. They aim at helping the user in handling their expenditures, income, and finances. In most cases, the Web application development comprises of spending trends, data visualizations, categorization, etc. Selected PFM FinTech agencies may demand to get access to the bank account of the user’s app, open banking API, and some other information.

Digital Banks

Online banks advance banking services that enable their customers to conduct banking activities online. They leverage inventive concepts like AI, and voice biometrics to boost customer experiences. Similarly, thanks to the digital model they have provided to offer low costs and competitive rates. For instance, one of the only digital branchless banks is Atom Bank. The bank gives AI tech, chatbots, voice, and face biometrics. In addition, it is famous for its highly competitive rates and affordable digital model.

Investment platforms

Investment platforms enable the clients to hold and control the entire of their assets in one place. A user can operate a laptop or a smartphone to buy or sell their mutual funds, shares, or stocks. Furthermore, clients can confirm the asset values at convenient places and time. Hedgeable and Addepar are classic examples of investment platforms. Addepar is a quick, safe, and accessible investment management platform. It enhances the management of the entire user’s assets and assists them in making more grounded and informed investment decisions.

Insurtech

Insurtech leverages loT, Data science, mobility solutions, and many digital solutions. All the data collected from wearables, sensors and attached devices help to convey initial customized pricing schemes, recommendations, and offers. In addition, real-time streaming of data provides efficient management of risks by the insurers. This helps to increase the sales. Some of the most popular Insurtech solutions include Metromile, BrightHealth, and BIMA.

Regtech (Regulation/Risk and compliance management)

Regulation technology is aimed at offering solutions to regulatory problems and challenges. Regtech uses innovative concepts such as machine learning, cloud computing, and big data. It targets to improve areas including new regulations, predictions, modeling, risk data collection, payment monitoring and much more. Such scientific tools and innovations help in the improvements of cloud Web application development, API’s, Blockchain, biometrics, cryptography, and AI. Famous regtech firms include Trunomi and Suade.

To sum up

Countless innovative firms are determined in leveraging FinTech application development services. Naturally, these companies generate clear resolution in such areas as PFM, investment, p2p lending, digital banking, money transfer, Mobile app development payments, online payments and more.

FinTech companies apply automation of customer-related and back-office operations, microservice architecture, cloud-based solutions, chatbots, AI, Data science and mobility solutions. These are useful Services for startups and enterprises in enhancing scalability, risk management, and customer experiences. Furthermore, they promote the involvement of huge audiences and operational processes.

Always count on Omertex ltd anytime you are in need of Fintech implementation work for startups and enterprises. This company is the ultimate provider for your mobile and web application development services. Omertex is always responsive to the needs of any customers in growing up their IT infrastructure to meet their firm’s requirements and user’s expectations.

MOBILE & WEB APPS DEVELOPMENT
FINTECH SOLUTIONS

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